Ocean Power Technologies Wins New $2M Award from US Department of Energy

Ocean Power Technologies Wins New $2M Award from US Department of Energy – (October 2, 2008)

PENNINGTON, N.J., Oct 02, 2008 (BUSINESS WIRE) -- Ocean Power Technologies, Inc. (Nasdaq: OPTT and London Stock Exchange AIM: OPT) ("OPT" or the "Company") today announces that it has received a US$2.0 million award from the US Department of Energy (DoE), in support of OPT's wave power project in Reedsport, Oregon.

The DoE grant will be used to help fund the fabrication, assembly and factory testing of the first PowerBuoy(R) to be installed at the Reedsport site. This system will be a 150 kilowatt-rated PB150 PowerBuoy, major portions of which will be fabricated and integrated in Oregon. This is the first award for the building of ocean wave energy systems by the DoE, and the Company believes it is indicative of the growing recognition and support of wave energy within the US federal and state governments. Oregon's Governor Ted Kulongoski has emphatically recognized the importance of wave energy in playing a key part in helping Oregon reach its renewable energy goals for the future. This has included formation of the Oregon Wave Energy Trust, which provides funding for initiatives in furtherance of the State's realizing benefits from wave energy. OPT has been an active participant with many stakeholders in the State and along the Oregon coast, working with fishing, conservation, municipal, State, federal and other groups.

The Surfrider Foundation in Oregon has been actively involved in this project and sits on the stakeholder group. OPT has thus far been a model for community participation in the development of a wave energy project.